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Manchester City have denied making an offer to, or being interested in, Atletico Madrid boss Diego Simeone.

With City looking set to go trophyless this season, there has been plenty of talk of late about the prospect of manager Manuel Pellegrini being replaced in the summer.

Simeone - who Atletico on Tuesday confirmed had signed a new contract with them through to 2020 - had been among those mentioned as a potential successor.

And on the latest edition of Sky Sports' Revista de La Liga programme, Spanish journalist Guillem Balague claimed the Argentinian would be staying on with his current employers despite having had a "huge offer" from City.

However, City sources have categorically denied to Press Association Sport that the club made a bid for Simeone's services or that they are interested in the 44-year-old.

Since Simeone took charge at Atletico in 2011, the trophies they have won include the Europa League and Primera Division, and they have also reached the Champions League final.

Chilean Pellegrini guided City to the Barclays Premier League title, victory in the Capital One Cup final and the club's first-ever participation in the Champions League knock-out rounds last season, his first term in the job.

Since then they have suffered a second successive last-16 exit in the continental competition, and in the Premier League - their last hope of silverware in 2014-15 - they are currently second, six points behind Chelsea, who have a game in hand.

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Manchester City captain Vincent Kompany accepts the club still remain a long way short of fulfilling their European dreams.

The gap between City and the continent's best clubs was starkly illustrated on Wednesday as Barcelona dumped the English champions out of the Champions League with a commanding performance at the Nou Camp.

Thanks to the brilliance of Joe Hart, City at least kept the scoreline respectable - losing 1-0 for a 3-1 aggregate defeat - but they were distinctly second best to a Barca side inspired by the magnificent Lionel Messi.

City may have made considerable progress in the seven years since their Abu Dhabi takeover, but the journey still has a long way to go.

"The reality is they were a better team, there is no shame in admitting that. For me there is a big, big difference.

"I will just mention Bayern Munich and Barcelona, and then there are the rest of the teams, with Real Madrid probably in between.

"Ultimately we have always said our goal is to become as good as them, but it will take some time. They are really good.

"Bayern Munich and Barcelona are not just Champions League-winning teams, they are World Cup-winning teams as well. They have generations that have played together a long time.
"Of course we want to make up the gap but you just have to be true to yourself. We have the ambition to be as good as they are one day, but it is not going to happen overnight."

– Manchester City captain Vincent Kompany.

City's exit meant that England will not have a representative in the quarter-finals of the Champions League for the second time in three seasons.